GLSI - These Biotech Stock Market Winners Have Nothing to Do With COVID-19
The stock market momentarily lost some of its upward momentum on Wednesday, giving back a small portion of its gains over the past month. Most market participants blamed the downdraft on Washington's failure to make any further progress toward approving a stimulus spending package, as lawmakers remain engaged in debate over whether the likely deployment of coronavirus vaccines in the coming months will make it unnecessary for the federal government to spend more money to prop up the U.S. economy.
With so many people focusing on COVID-19, it's understandable that biotech stocks working with coronavirus vaccines and treatments have gotten a huge amount of attention. Yet today, Rocket Pharmaceuticals (NASDAQ: RCKT) and Greenwich LifeSciences (Nasdaq:GLSI) reminded investors that major medical advances are valuable even when they have nothing to do with the pandemic.
Major market benchmarks finished lower, giving up early gains. The Dow Jones Industrial Average (DJINDICES: ^DJI) held up the best, while the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) had successively larger losses.
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These Biotech Stock Market Winners Have Nothing to Do With COVID-19